Business as usual sans VASP – I-Remit

I-Remit Inc., provider of remittances and fund transfers, on Friday assured the public that it will continue to provide core services despite its canceled certificate for registration with the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual assets service provider (VASP).

“The corporation assures its stakeholders that this development does not materially impact its primary business operations and remains committed to maintaining regulatory compliance,” I-Remit said in a disclosure to the Philippine Stock Exchange.

“Further updates will be provided as necessary,” the company added.

I-Remit said the BSP canceled the VASP certificate for “non-utilization of the license.”

The remittance firm added it received the notice of the cancellation from the BSP Monetary Board on 19 September, stating its denial to reconsider I-Remit’s appeal on the VASP certificate.

First internet remit service

The BSP was not able to reply to DAILY TRIBUNE at press time regarding further details on the canceled VASP certificate of I-Remit.

I-Remit boasts it is the country’s first firm to use the internet to provide more affordable remittance services.

It has remittance outlets in 23 countries and territories in Asia Pacific, North America, Europe and the Middle East.

The BSP adopted the term “VASP” from the Financial Action Task Force, the global money laundering and terrorist financing watchdog, to refer to cryptocurrencies and other digital assets that maximize technology.

VASP are authorized to process virtual assets for trading, transfers, payments and investing.

However, the BSP guidelines exclude provisions on virtual assets issued by a sole issuer or a limited set of merchants  to be used as gift checks or as payment for virtual goods and services within an online game.